USDMXN Reached Its Lowest Level Since March

USDMXN CHART PRICE – USDMXN DAILY

The mexican peso has been gaining strength against major currencies, among those we have the US dollar which reached 20.91466 early in the trading session, this could be a turning point for the pair as it gets closer to an oversold status, it has been very close and some point it reached the 30% but it has not fallen below this level, the markets could start reacting and placing long trades which could drive the price up to begin a new uptrend, the price trades just above the lower bollinger band suggesting that the prices are low on a relative basis, moving averages get wider every time and the ichimoku cloud is far above the current price level, this could be the beginning of an uptrend, but we would like to wait and see the pair gain more momentum and catch that trend once it starts.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.